SEOUL, Feb. 1 (Korea Bizwire) — It is expected that a merger between Hyundai Heavy Industries Co. and Daewoo Shipbuilding & Marine Engineering Co. will create massive synergy not only in the South Korean shipbuilding industry, but also in maritime defense. Both companies are listed as major manufacturers of naval vessels and submarines, in charge [...]

SEOUL, Jan. 31 (Korea Bizwire) — The state-run Korea Development Bank said Thursday that it has signed a temporary memorandum of understanding (MOU) with Hyundai Heavy Industries Co., the world’s largest shipbuilder by sales, to sell its controlling stake in rival Daewoo Shipbuilding & Marine Engineering Co. On Wednesday, Hyundai Heavy expressed its intent to [...]

SEOUL, Jan. 30 (Korea Bizwire) — South Korea’s Hyundai Heavy Industries Group is seeking to buy its smaller rival, Daewoo Shipbuilding & Marine Engineering, industry sources said Wednesday, in what could be a major shakeup in the sector. The country’s top shipbuilder is in talks with state-run Korea Development Bank (KDB), a creditor bank that [...]

ULSAN, Nov. 1 (Korea Bizwire) — Despite the economic downturn in the shipbuilding industry, the employees of Hyundai Heavy Industries Co. are holding a flea market event to help underprivileged neighbors, marking the 25th straight year that the event has taken place. Hyundai Heavy Industries kicked off the “Donation of Love” campaign at Dong-gu, Ulsan [...]

SEOUL, Oct. 12 (Korea Bizwire) — Due to the fall of the shipbuilding industry in Ulsan, tax collected in the city’s Dong-gu district has declined sharply, causing setbacks to various government projects. In addition, government officials may not be receiving overtime fees and other benefits that were paid in the past. According to the Dong-gu [...]

SEOUL, March 7 (Korea Bizwire) — South Korean shipbuilders beat their global rivals in February ship orders, bagging more than half of all orders placed, data by Clarkson Research Services showed Wednesday. Local shipbuilders received orders to build 17 vessels in total, accounting for 52.3 percent of overall ship orders placed globally, the research firm [...]

SEOUL, Mar. 5 (Korea Bizwire) — Hyundai Heavy Industries Co. said Sunday it will use robots to build ships for the first time in the industry to improve efficiency and cut costs. The world’s largest shipbuilder has recently completed a year of testing of a robotic system that automatically shapes a vessel’s 3-D curved surface [...]

SEOUL, Jan. 19 (Korea Bizwire) – South Korea’s Navy will receive a new diesel-electric air-independent propulsion submarine Friday capable of staying underwater more than 10 days, the state arms agency said. The Defense Acquisition Program Administration (DAPA) plans to deliver the Hong Beom Do submarine to the Navy in a ceremony at the shipyard of Hyundai Heavy Industries in Ulsan. Named after a respected independent fighter during Japan’s [...]

SEOUL, Jan. 17 (Korea Bizwire) — Hyundai Heavy Industries Co., a major South Korean shipbuilder, said Wednesday that it has clinched a deal worth 50 billion won (US$46 million) to supply 21 engines to power plants in Indonesia. Under the deal with Indonesia’s state power utility, PT PLN, Hyundai Heavy will supply 21 HiMSEN engines [...]

SEOUL, Dec. 1 (Korea Bizwire) — Hyundai Heavy Industries Co. said Friday it has won orders to build 17 out of 27 very large ore carriers placed by South Korean shipping lines, while Chinese shipbuilders have secured or are in the process of getting contracts for the remaing ships. The shipping companies that won the [...]